The conference, presented by the Credit Union National Association, ends today.

Capitini explained how the CFPB is moving ahead with new rules that have an enormous impact on credit unions' day-to-day activities.

"In the long run, you will be better served investing time, money and energy into compliance now," said Capitini. "Understand how your credit union needs to adapt to meet the CFPB's new rules, and then develop a strategic plan to implement these changes, which will include changes to the way you do business, your documents, and policies and procedures."

New remittance transfer rules have a mandatory compliance date of Oct. 28, and five of the CFPB's seven new mortgage compliance rules have January effective dates:

"Stay focused, take time to understand the changes, and make adjustments where necessary," Capitini said. "Doing these things, combined with a positive outlook and understanding what you can control, will do more for your credit union than focusing on the pains of change."

Capitini wrapped up the session by giving attendees a glimpse of what's on her radar for regulatory compliance, including payday lending, overdraft protection, and the changes to Reg CC.

"Keep in mind, the CFPB is not done yet," Capitini said. "Looking at what the CFPB plans to accomplish in the next couple of years is daunting, but you have the tools to succeed as long as you start adapting now."

Be sure to visit News Now and Credit Union Magazine frequently this week to keep up with all the ACUC action in New York City. You can also follow ACUC on Twitter and LinkedIn by using the links below.

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